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Trump Sells Tax Reform: Here's What's Included in His 'Best Christmas Present of All'

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The president says he wants to give Americans the best Christmas present of all this year – massive tax relief.

During a Tuesday night speech at the conservative Heritage Foundation, the president promised tax cuts that would make a difference including:
 

  • a lower business tax rate that will give typical households an extra $4K a year
  • nearly doubling the zero tax bracket, with the first $24K tax free for married couples
  • allowing companies to write off the full cost of new equipment in the year they buy it


The president pitched the tax plan as one that would help everyday working Americans.

"You understand that lower taxes mean bigger paychecks, more jobs and stronger growth," he said.

The speech was aimed at setting the stage for a big White House meeting Wednesday with Republicans and some Democrats on the Senate Finance Committee.

The White House has expended major political muscle in recent weeks to persuade lawmakers to support tax reform – but in a more low-key fashion – hoping to avoid the drama that surrounded efforts to repeal and replace Obamacare.

The healthcare debate is still a major force on Capitol Hill.

During the day Tuesday, Sen. Lamar Alexander (R-TN), the top Republican on the Senate Finance committee and Sen. Patty Murray (D-WA), the top Republican on the committee, hammered out a bi-partisan deal to continue federal payments for two years to health insurers under Obamacare. The president had canceled them last week, calling them a bailout for insurance companies.

During a Rose Garden ceremony Tuesday, the president called the deal a "very good solution" that would both calm the markets and give him time to scrap Obamacare once and for all.

But after criticism from many in his own party he backed off Tuesday night at the Heritage Foundation, saying Congress needs to keep working to find an answer.

For now, the administration's top priority is tax reform. Officials say it's not just important politically but for the difference it could make in the lives of everyday Americans.

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About The Author

Heather
Sells

Heather Sells covers wide-ranging stories for CBN News that include religious liberty, ministry trends, immigration, and education. She’s known for telling personal stories that capture the issues of the day, from the border sheriff who rescues migrants in the desert to the parents struggling with a child that identifies as transgender. In the last year, she has reported on immigration at the Texas border, from Washington, D.C., in advance of the Dobbs abortion case, at crisis pregnancy centers in Massachusetts, and on sexual abuse reform at the annual Southern Baptist meeting in Anaheim